Development Agreement Amendment - 1576-1580 Locust Street / Weaver Castle_Stepflug Copyright 2014
City of Dubuque Consent Items # 14.
ITEM TITLE: Development Agreement Amendment - 1576-1580 Locust Street /Weaver
Castle, LLC
SUMMARY: City Manager recommending approval of the First Amendment to
Development Agreement with Weaver Castle, LLC which extends the
completion date for the redevelopment of the property at 1576-1578-1580
Locust Street to December 31 , 2015.
RESOLUTION Approving the First Amendment to the Development
Agreement between the City of Dubuque, Iowa and Weaver Castle, LLC
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ 1576-1580 Locust 1st Amendment to Development Agreement-MVM City Manager Memo
Memo
❑ Staff Memo Staff Memo
❑ 1st Amendment to DA Supporting Documentation
❑ Resolution Resolutions
THE CITY OF Dubuque
UBE I
erica .i
Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: 1 St Amendment to Development Agreement for 1576-1578-1580 Locust
Street
DATE: October 13, 2015
Economic Development Director Maurice Jones recommends City Council approval of
the First Amendment to Development Agreement which extends the completion date for
the redevelopment of the property at 1576-1578-1580 Locust Street to December 31,
2015.
1 concur with the recommendation and respectfully request Mayor and City Council
approval.
Micliael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Maurice Jones, Economic Development Director
Dubuque Economic Development Department
THE CITY OF 50 West 13th Street
AII-AwftlitY Dubuque,Iowa 52001-4864
DUB3 &kE1 I Office(563)589-4393
TTY(563)690-6678
® http://www.cityofdubuque.org
Masterpiece on the Mississippi 200.2012.2013
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
SUBJECT: 1St Amendment to Development Agreement for 1576-1578-1580
Locust Street
DATE: October 13, 2015
INTRODUCTION
This memorandum presents for review and approval an amendment to the
Development Agreement with Weaver Castle LLC for the redevelopment of the property
at 1576-1578-1580 Locust Street.
BACKGROUND
City Council approved a Development Agreement with Weaver Castle LLC for the
redevelopment of 1576-1578-1580 Locust Street on April 6, 2014. The Agreement calls
for a capital investment of at least $300,000 and the creation of three (3) market rate
apartments.
DISCUSSION
The project at 1576-1578-1580 Locust Street has begun, but will likely pass the
substantial completion date of October 31, 2015, as set forth in the original
Development Agreement. The 1 St Amendment will extend the completion date to
December 31, 2015.
RECOMMENDATION/ ACTION STEP
I recommend the Council approves the attached resolution, authorizing the Mayor to
sign the 1St Amendment.
RESOLUTION NO. 359-15
APPROVING THE FIRST AMENDMENT TO THE DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF DUBUQUE, IOWA AND WEAVER CASTLE, LLC
Whereas the City of Dubuque, Iowa (City) and Weaver Castle, LLC (Developer)
entered into a Development Agreement dated for reference purposes the 6th day of April,
2014 for the redevelopment of the property at 1576-1578-1580 Locust Street; and
Whereas City and Developer now desire to amend the Development Agreement
as set forth in the First Amendment to Development Agreement attached hereto.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. The City Council hereby approves the First Amendment to Development
Agreement.
Section 2. The Mayor is authorized and directed to sign the First Amendment to
Development Agreement on behalf of the City of Dubuque.
Passed, approved and adopted this 19th day of Oc Ober, 2015.
Attest:
Kevin S. irnstahl, Cit Clerk
Roy D. ol, Mayor
FIRST AMENDMENT
TO
DEVELOPMENT AGREEMENT
BETWEEN
THE CITY OF DUBUQUE, IOWA
AND
WEAVER CASTLE LLC
This First Amendment to Development Agreement, dated for reference purposes
the 19th day of October 2015, is made and entered into by and between the City of
Dubuque, Iowa (City) and Weaver Castle LLC (Developer).
Whereas City and Developer previously entered into a Development Agreement
dated the 6111 day of April, 2014 (the Development Agreement) for the redevelopment of
the property at 1576-1578-1580 Locust Street; and
Whereas substantial work on the property which is the subject of the
Development Agreement has been performed to date, but the Minimum Improvements
required by the Development Agreement are not yet complete; and
Whereas City and Developer desire to amend the Development Agreement as
set forth herein.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES THAT
THE DEVELOPMENT AGREEMENT IS AMENDED AS FOLLOWS:
1. Section 2.4 of the Development Agreement is hereby amended to read as
follows:
Timing of Improvements. Developer hereby agrees that construction of the
Minimum Improvements on the Property shall be commenced within thirty (30) days
after the Closing Date, and shall be substantially completed by December 31, 2015.
The time for the performance of these obligations shall be suspended due to
unavoidable delays meaning delays, outside the control of the party claiming its
occurrence in good faith, which are the direct result of strikes, other labor troubles,
unusual shortages of materials or labor, unusually severe or prolonged bad weather,
acts of God, fire or other casualty to the Minimum Improvements, litigation commenced
by third parties which, by injunction or other similar judicial action or by the exercise of
reasonable discretion directly results in delays, or acts of any federal, state or local
government which directly result in extraordinary delays. The time for performance of
such obligations shall be extended only for the period of such delay.
2. All other terms and conditions of the Development Agreement remain in
full force and effect.
CITY OF DUBUQUE, IOWA
Attest:
By:
Roy D. B,+I, Mayor
Kevirc . Firnsta 1, City Clerk
2
WEAVER CASTLE LLC
By:
Stelpflug, Manager